Market growth shields EU cheese sector from Russian ban

Published 4 March 15

The EU cheese market appears to have avoided the worst of the potential impacts of the Russian import ban. Success in securing additional export markets coupled with an increase in EU domestic consumption has helped to limit the impact on the cheese market.

Russia historically accounted for around a third of all EU cheese exports, leading many analysts to expect a significant reduction in prices after the August ban. The embargo initially cut exports by 29%, increasing available supplies to the market. However, exported volumes gradually built back up to levels achieved in the previous year, easing some of the downward pressure on prices. Further helping to limit a build-up of cheese stocks was a 1.8% increase in EU domestic cheese consumption, prompted by growth in the population and in per capita consumption.